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Oregon was the first state in the nation to roll out a state-mandated retirement savings program. Through OregonSaves, employers without a workplace plan must facilitate access to a Roth IRA for their employees. While this initiative expanded retirement savings opportunities, many organizations have discovered that OregonSaves isn’t always the most flexible or cost-effective solution.
If you’re an Oregon employer looking for a retirement plan that better fits your needs, here’s how OregonSaves stacks up against WealthRabbit SIMPLE IRA.
A quick overview of OregonSaves
OregonSaves launched in 2017 and requires most employers to register their business if they don’t already offer a qualified retirement plan. The program is designed to make saving for retirement more accessible, but it comes with specific rules and limitations:
- Employer responsibilities: Registration, ongoing state reporting, and employee onboarding.
- Plan design: State-managed, one-size-fits-all structure.
- Employee accounts: Each worker has a separate OregonSaves IRA account.
While OregonSaves is an important step toward retirement readiness, many employers and employees find its limitations restrictive.
OregonSaves vs. WealthRabbit SIMPLE IRA
Here’s a direct comparison between Oregon’s state-mandated program and the WealthRabbit
Why WealthRabbit SIMPLE IRA works better for Oregon employers
While OregonSaves is mandatory for businesses without a retirement plan, choosing WealthRabbit SIMPLE IRA gives you more flexibility, better support, and a stronger overall employee experience.
- Less admin work: WealthRabbit integrates directly with payroll for seamless contributions and compliance management.
- More investment choices: Employees gain access to broader investment options, along with easy-to-use guidance tools.
- Custom fit: Unlike the one-size-fits-all state program, SIMPLE IRAs through WealthRabbit can be tailored to your business and team.
- Unified employee dashboard: Employees can track their retirement progress in one place, with access to literacy resources and rollover support.
A smarter solution for your team
OregonSaves was designed to expand access to retirement savings, but it may not be the most effective long-term solution for employers or their teams. With WealthRabbit SIMPLE IRA, you can offer a plan that is just as compliant but far more flexible, affordable, and impactful.
Don’t settle for “mandatory minimums.” Give your employees a retirement plan that grows with them. Learn more about WealthRabbit SIMPLE IRA now!
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